Saturday, August 22, 2009

On Friday August 21, 2009, 9:00 am EDTOSHKOSH, Wis.--(BUSINESS WIRE)--As a manufacturer and supplier of Department of Defense (DoD) tactical wheeled vehicles for more than four decades, Oshkosh Defense, a division of Oshkosh Corporation (NYSE:OSK - News), brings a successful and celebrated history of collaboration with the U.S. Army to its bid for the Family of Medium Tactical Vehicles (FMTV) competitive rebuy.From the vehicle design stage to in-theater support, Oshkosh Defense has proven its ability to deliver and support the Army’s Family of Heavy Tactical Vehicles (FHTV). During Operation Iraqi Freedom, Oshkosh Defense received a certificate of appreciation from the Army’s 7th Transportation Group for FHTV armor installation that was “instrumental” in protecting soldiers and their equipment, and for providing technical assistance and warranty support. The company received similar recognition from the Army’s 336th Transportation Group for support that had a “profound survivability effect” on the group’s operation.“Oshkosh Defense is renowned as being a premier supplier of tactical and armored wheeled vehicles for the U.S. Army,” said Andy Hove, Oshkosh Corporation executive vice president and president, Defense. “We are committed to being responsive to our customer’s needs and building on successful relationships to ensure we provide the best vehicles, support and value for the U.S. Armed Forces, including the FMTV program.”Oshkosh was the first and only truck manufacturer to be honored with the Department of Defense’s David Packard Acquisition Excellence Award for its work on the Medium Tactical Vehicle Replacement (MTVR) program as a part of a team effort with the Tank-automotive and Armaments Command Life Cycle Management Command and the U.S. Marine Corps. Oshkosh also received recognition from the Army’s product manager for Heavy Tactical Vehicles and the 2nd Squadron of the 3rd Armored Cavalry Regiment for its aftermarket support during Operation Iraqi Freedom. The company also received the Defense Logistics Agency’s (DLA) 2005 Innovative Business Performer of the Year for its ability to embrace innovation and adapt to the agency’s ever-increasing demands to support the customer.Another area of recognition is the National Freedom Award, given to the company by the DoD in 2008 for its outstanding Employer’s Support of the Guard and Reserve. A number of Oshkosh employees, from factory workers to office employees, are either current or former members of the National Guard or Reserve forces, including members who have been deployed in support of the current operations in Iraq and Afghanistan, as well as homeland relief missions such as Hurricane Katrina. This national award recognized Oshkosh for its critical support of these employees before, during and after their important duties and sacrifices for our nation.These are just some examples of the celebrated and successful relationship Oshkosh has built with the U.S. military, and they are the result of the company’s dedication to customer satisfaction. In addition to delivering more than 30,000 high-performance FHTV vehicles to the Army, Oshkosh worked with the military to erect nearly 300,000 square feet of facility space in Iraq and Afghanistan to up-armor the Army’s vehicles, including the FMTV. Oshkosh continues to use its Kuwait facility to refurbish heavily worn or battle-damaged vehicles, resulting in shorter vehicle downtime and reduced costs for the Army.The FMTV program is a five-year, multibillion-dollar contract award for the production of an estimated 23,000 vehicles and trailers for the Army. Oshkosh Defense is the only current manufacturer of medium and heavy tactical wheeled vehicles in the U.S. defense industry, having produced more than 67,000 military class vehicles in its manufacturing facilities. The company’s use of an advanced integrated assembly line has allowed for the simultaneous production of up to 10 vehicle models with 29 variations.About Oshkosh DefenseOshkosh Defense, a division of Oshkosh Corporation, is an industry-leading global designer and manufacturer of tactical military trucks and armored wheeled vehicles, delivering a full product line of conventional and hybrid vehicles, advanced armor options, proprietary suspensions and vehicles with payloads that can exceed 70 tons. Oshkosh Defense provides a global service and supply network including full life-cycle support and remanufacturing, and its vehicles are recognized the world over for superior performance, reliability and protection. For more information, visit http://us.lrd.yahoo.com/_ylt=AgELj4.wka1KMyz.YNl0gyTjba9_;_ylu=X3oDMTE2Ym01ZWhnBHBvcwMxBHNlYwNuZXdzQXJ0Qm9keQRzbGsDd3d3b3Noa29zaGRl/SIG=15c9hoiuk/**http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.oshkoshdefense.com&esheet=6034082&lan=en_US&anchor=www.oshkoshdefense.com&index=1.About Oshkosh CorporationOshkosh Corporation is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Corp. manufactures, distributes and services products under the brands of Oshkosh®, JLG®, Pierce®, McNeilus®, Medtec®, Jerr-Dan®, BAI™, Oshkosh Specialty Vehicles, Frontline™, SMIT™, CON-E-CO®, London® and IMT®. Oshkosh products are valued worldwide in businesses where high quality, superior performance, rugged reliability and long-term value are paramount. For more information, log on to http://us.lrd.yahoo.com/_ylt=Ag6paBCIDyQerxZxlgMJBxDjba9_;_ylu=X3oDMTE2djhmaXA0BHBvcwMyBHNlYwNuZXdzQXJ0Qm9keQRzbGsDd3d3b3Noa29zaGNv/SIG=15kvunh2m/**http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.oshkoshcorporation.com&esheet=6034082&lan=en_US&anchor=www.oshkoshcorporation.com&index=2.®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.Forward-Looking StatementsThis press release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this press release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the consequences of financial leverage associated with the JLG acquisition, including the level of the Company’s borrowing costs, the increased interest rates the Company would face if it experienced a deterioration or downgrade in credit agency ratings and the Company’s ability to maintain compliance with its financial covenants under its credit agreement; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, especially during a global recession and credit crisis; the duration of the global recession, which could lead to additional impairment charges related to many of the Company’s intangible assets; risks related to the required rapid increase in the rate of production for the M-ATV contract and the amount, if any, of additional orders for M-ATVs that the Company may receive; the expected level and timing of U.S. Department of Defense procurement of products and services and funding thereof; risks related to reductions in government expenditures and the uncertainty of government contracts; risks related to production delays as a result of the economy’s impact on the Company’s suppliers; the potential for commodity costs to rise sharply in a future economic recovery; risks associated with international operations and sales, including foreign currency fluctuations; risks related to the collectability of receivables during a recession, particularly for those businesses with exposure to construction markets; and the potential for increased costs relating to compliance with changes in laws and regulations. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and disclaims any duty, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.